Citing "financial performance and strategic alignment with long-term plans," retail giant Walmart is closing its Neighborhood Market store in Midtown St. Petersburg after just three years.

The city promised last summer to spend over $2 million to buy the shopping plaza housing the store, still hopes to keep Walmart from leaving.

"We are hopeful that they will revisit this decision," Mayor Rick Kriseman said in a statement Tuesday, but added "this may be an opportunity to secure a tenant that can successfully self-perpetuate or create an amenity that better serves the wants and needs of the surrounding community."

The 22nd Street South store will close to the public on March 3. Its pharmacy is set to close on Feb. 1.

For more, read the full story from our coverage partners the Tampa Bay Times.